Property Type

Muskin Commercial Arranges Sale of Park Plaza Apartments in North Central Austin

by John Nelson January 9, 2020

AUSTIN, TEXAS — Muskin Commercial has arranged the sale of Park Plaza Apartments, a 62-unit multifamily community located in Austin’s North Central submarket. The property features a swimming pool, barbecue/picnic area, playground and access to Little Walnut Creek. Quantum Capital Inc., a value-add multifamily investment firm with assets in Los Angeles and Austin, purchased the property for an undisclosed price. Muskin Commercial represented the seller, an entity named Austin Park Plaza LLC that has owned the community for 28 years.

January 9, 2020

Acquisitions Retail Washington Western

Vestar Purchases Six-Property Retail Portfolio in Metro Seattle for $95M

by Amy Works January 9, 2020

LYNNWOOD, WASH. — Vestar has purchased a six-property, 297,599-square-foot retail portfolio in Lynnwood for $95 million. The seller was the original developer of the properties, which were built between 1997 and 2002. The six properties are Alderwood Parkway Place, Alderwood Parkway Plaza, Alderwood Parkway Plaza II, Golde Creek Plaza, Golde Creek Plaza II and Golde Creek Plaza III. The properties are all located at the northeast and northwest corners of Alderwood Mall Parkway and 196th Street SW, near Alderwood Mall 17 miles north of downtown Seattle. At the time of sale, the portfolio was fully leased a variety of tenants including Best Buy, Ulta, Nordstrom Rack, DSW Shoe Warehouse, Barnes & Noble and Old Navy. Paul Sleeth and Billy Sleeth of Newmark Knight Frank represented the seller in the transaction.

January 9, 2020

California Civic Development Mixed-Use Multifamily Office Restaurant Retail Western

Triad Lagoon Valley Acquires 840 Acres for Mixed-Use Development in Vacaville, California

by Amy Works January 9, 2020

VACAVILLE, CALIF. — Triad Lagoon Valley, a Washington limited liability company affiliated with Seattle-based Triad Development, has purchased 840 acres from Lennar Corp. for an undisclosed price. The buyer plans to develop Lagoon Valley, a mixed-use community on the site. Lagoon Valley is approved as a conservation community, balancing jobs and housing, with more than 80 percent of its specific plan area entitled for open space/recreational use. Site grading is slated to commence in May, with building construction scheduled to begin in early 2021. Lagoon Valley will include Class A office space, 12 residential neighborhoods and a variety of recreational components. The office portion — Ascend @ Lagoon Valley — will feature seven four-story buildings ranging in size from 700,000 square feet to potentially 1 million square feet. Additionally, Ascend will offer a 30,000-square-foot amenity building with a fitness center, food and recreation space. Outdoor amenities at the property will include an amphitheater, sports courts and field space. Lagoon Valley is also surrounded by 2,000 acres of protected open space, including a 470-acre Lagoon Valley Park, 100-acre lake, a centrally located eight-acre public park and numerous neighborhood parks. The community will also include a fire station, a 50,000-square-foot town center …

January 9, 2020

Acquisitions California Retail Western

PECO Buys 59,796 SF Del Paso Marketplace in Sacramento

by Amy Works January 9, 2020

SACRAMENTO — Phillips Edison & Co. (PECO) has purchased Del Paso Marketplace, a shopping center in Sacramento, for an undisclosed price. The name of the seller was not released. The acquisition bolsters PECO’s presence in Northern California, representing the company’s fifth metro Sacramento shopping center. Situated at the intersection of Del Paso Road and East Commerce Way, Del Paso Marketplace features 59,796 square feet of retail space. A 29,296-square-foot Sprouts Farmers Market anchors the shopping center. Additional tenants include T-Mobile, Chipotle, Club Pilates, Cookie Cutters, Ono Hawaiian BBQ, State Farm and Jersey Mike’s Subs.

January 9, 2020

Development Hawaii Loans Retail Western

Pearlmark Closes $16.2M Investment for Niumali Marketplace Development in Hawaii

by Amy Works January 9, 2020

KAILUA-KONA, HAWAII — Pearlmark has closed on a $16.2 million mezzanine investment for the development of Niumalu Marketplace, a retail property in Kailua-Kona. Situated on 20 acres of fee-simple land, Niumalu Marketplace will feature 204,275 square feet of retail and commercial space, as well as 711 parking spaces. A 63,000-square-foot Safeway grocery store with a 27,000-square-foot gas pad will anchor the property. The sponsors, CREDE and two institutional equity capital partners, started construction on the site in October 2018 and are expected to complete the project in October. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. Centennial Bank provided a senior construction loan. George Smith Partners represented the borrower in securing the financing, while Bill Swackhamer arranged in the transaction in-house for Pearlmark.

January 9, 2020

Acquisitions California Retail Western

Cushman & Wakefield Arranges $15.3M Sale of Multi-Tenant Retail Building in San Diego

by Amy Works January 9, 2020

SAN DIEGO — Cushman & Wakefield has negotiated the sale of a freestanding retail building located in La Jolla Village in San Diego. Girard Avenue LP acquired the property from a private family trust for $15.3 million. Located at 1133-1147 Prospect St., the multi-tenant property features 8,116 square feet of retail space. Mike Slattery, Jason Kimmel, Tim Winslow and Kevin Nolen of Cushman & Wakefield’s San Diego office represented the seller in the deal.

January 9, 2020

Illinois Indiana Industrial Loans Midwest Ohio

JLL Arranges $130M in Post-Acquisition Financing for Midwest Logistics Portfolio

by Kristin Harlow January 9, 2020

CHICAGO, COLUMBUS, INDIANAPOLIS AND CINCINNATI — JLL Capital Markets has arranged $130 million in post-acquisition financing for a 22-building logistics portfolio totaling 3.8 million square feet. Built between 1966 and 2016, the properties are located in the Chicago, Columbus, Indianapolis, Louisville and Cincinnati markets. The portfolio is approximately 90 percent leased to 52 tenants. Kristian Lichtenfels, Eric Tupler, Matt Schoenfeldt and Ken Martin of JLL arranged the loan on behalf of the borrower, a U.S. subsidiary of a publicly traded Canadian real estate company. A national balance sheet lender provided the 10-year loan, which features a fixed rate of 3.1 percent. Loan proceeds will be used to place debt on the portfolio as it was purchased in an all-cash transaction.

January 9, 2020

Industrial Leasing Activity Midwest Wisconsin

Trifinity Signs 250,000 SF Industrial Lease in Kenosha, Wisconsin

by Kristin Harlow January 9, 2020

KENOSHA, WIS. — Trifinity Specialized Distribution, a logistics firm that serves major big-box stores and drug retailers, has signed a 250,000-square-foot industrial lease in Kenosha. Trifinity will occupy space at Zilber Industrial III, located at 5312 104th Ave. The recently constructed facility features 24 dock doors, three drive-in doors and convenient access to I-94. Trifinity will move into the facility by the end of this month. Founded a quarter century ago in Waukegan, Illinois, Trifinity currently employs approximately 50 workers, all of whom will relocate to the new facility. Thomas Boyle of Lee & Associates represented Trifinity in the lease transaction. Sergio Chapa and Michael Prost of Newmark Knight Frank, along with Michael Kleber of Zilber Property Group, represented the owner, Zilber Property Group.

January 9, 2020

Acquisitions Healthcare Midwest Ohio

Reichle Klein Group Brokers $7.6M Sale of Medical Office Building Near Toledo

by Kristin Harlow January 9, 2020

SYLVANIA, OHIO — Reichle Klein Group has brokered the $7.6 million sale of a 48,928-square-foot medical office building in Sylvania, a northeastern suburb of Toledo. The property is located at 5520 Monroe St. ProMedica is one of the tenants. Marty Gallagher of Reichle Klein represented both the buyer and seller. PMA Investors LLC sold the asset to CD Property of Sylvania LLC.

January 9, 2020

Acquisitions Kansas Midwest Retail

Marcus & Millichap Negotiates $4.4M Sale-Leaseback of Orscheln Farm & Home Property in Kansas

by Kristin Harlow January 9, 2020

JUNCTION CITY, KAN. — Marcus & Millichap has negotiated the sale-leaseback of a 35,000-square-foot property occupied by Orscheln Farm & Home in Junction City in central Kansas. The sales price was $4.4 million. The newly constructed property is located at 121 E. Chestnut St. John Nuzman brokered the sale-leaseback and represented both parties. A New York-based limited liability company purchased the asset. Orscheln operates farm and ranch supply stores with over 170 locations across the Midwest.

January 9, 2020

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